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Practical Consequences of Incorporation:
In the course of delivering his judgment in Salomon's case Lord Halsbury stated that "once the company is incorporated, it must be treated like any other independent person with rights and liabilities appropriate to itself". This means that the company, as an independent person, has rights and obligations which are not the same as the rights and obligations of the subscribers to its memorandum and the other persons who will join it later as its members. This is the fundamental attribute of corporate personality which is given practical effect in the following ways:
Limited liability:
The fact that a registered company is a different person altogether from the subscribers to its memorandum and its other members means that the company's debts are not the debts of its members. If the company has borrowed money,it and it alone is under an obligation to repay the loan. The members are under no such obligation and cannot be asked to repay the loan.
RESERVE CAPITAL: The reserve capital is defined by S.62 of the Act as the portion of the issued but uncalled capital of a limited company which the company's members, by speci
APPOINTMENT BY DIRECTORS: The company first auditors of may be appointed through the directors at any time before the first annual general meeting, and auditors so appointed s
Discuss the role of policy maker A policy maker, who focuses mainly on the possibility of remaining in the office, faces different set of incentives in choosing policy. He trie
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Undischarged Bankrupts: S.188 provides that if an undischarged bankrupt acts as director of any company without leave of the court he shall be liable to imprisonment for a ter
Impose a duty on directors: A company is, however, free to impose a duty on its directors to attend board meetings within a certain period of time and to prescribe the consequ
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Hi do you have solutions for 32228-05 question on law
Eagle Sales Company owns a warehouse, subject to a mortgage obtained from First National Bank. Separately, Eagle and First National obtain insurance policies from Good Hands Insura
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